Electronic Arts is now privately held after an investor group led by Saudi Arabia's Public Investment Fund (PIF) completed its $55 billion acquisition — the second-largest deal in gaming industry history and, per the transaction's structure, the largest leveraged buyout recorded globally, with roughly $20 billion of the price financed through borrowed capital.

The buyers paid $210 per EA share. The new ownership breakdown is heavily concentrated:

• PIF — 93.4%
• Silver Lake — 5.5%
• Affinity Partners — 1.1%

The closing ends EA's run on NASDAQ after nearly four decades of trading, returning the publisher — behind FIFA/EA Sports FC, Apex Legends and Battlefield — to private ownership for the first time since its 1980s listing era.

What changes for EA now?

The immediate operational consequence is governance, not product: EA answers to three private stakeholders instead of public shareholders, removing quarterly earnings pressure but concentrating decision power almost entirely in PIF's hands given its 93.4% stake.

CEO Andrew Wilson, who framed the deal as a growth mandate rather than a retreat, said in a statement on completion: "We're entering this next chapter from a position of strength with partners who share our vision and ambition. Together, we'll invest boldly, accelerate innovation, and build the next generation of games and experiences for the hundreds of millions of players and fans who inspire us every day."

The $20 billion debt component is the number studios and analysts will watch. Servicing that borrowing typically demands sustained cash flow from EA's live-service portfolio — Ultimate Team monetization, Apex Legends and the annualized sports franchises — which could sharpen the company's focus on proven revenue engines over longer-horizon experimental projects.

How the deal survived the friction

The acquisition was first announced in September 2025. It drew open opposition from some EA employees and from certain U.S. senators, but neither objection proved decisive. EA shareholders voted to approve the sale, and antitrust regulators subsequently cleared it, clearing the path to this week's close.

For the broader industry, the transaction sets a new ceiling for private capital's role in gaming consolidation and puts a sovereign wealth fund in direct control of one of the West's largest publishers — a structural shift that will shape how future mega-deals are scrutinized in Washington.

The first market signal worth watching: EA's post-delisting financial disclosures, and whether the new owners maintain the publishing cadence and headcount Wilson's "invest boldly" language implies.